Yuga Labs Launches Ordinal Inscription NFT Collection Twelvefold

On February 28, Yuga Labs announced Twelve Fold, its latest contribution to the world of non-fungible tokens.

Riding on the back of the Ordinal inscription craze, the company launched a limited edition collection of 300 generative pieces inscribed in Satoshi on the Bitcoin blockchain.

The announcement describes the collection’s nomenclature as:

“TwelveFold is a state of the art based 12 system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain.”

Yuga states that the Twelve Fold auction will “launch later this week”, with a 24-hour notice period giving exact times.

Introducing Twelve Folds. Limited edition collection of 300 generative works, inscribed in satoshis on the Bitcoin blockchain.https://t.co/aFWEIhzqcI pic.twitter.com/PjWABKKBr4

— Yuga Labs (@yugalabs) February 27, 2023

Yuga Labs Optimist on Ordinal

Ordinal is an NFT that can be “written” into one Satoshi, the smallest denomination of Bitcoin, and stays on the blockchain permanently. Official documentation labels individual assets as “digital artifacts” rather than NFTs.

They are made possible by the Taproot Bitcoin update in November 2021, which brings programmability and smart contracts to the network.

They have taken the crypto world by storm this year, with over 200,000 made, according to Dune Analytics.

The Twelvefold collection includes highly rendered 3D elements as well as hand-drawn features. This serves as “a homage to ordinal inscriptions currently done by hand,” he notes.

The company is optimistic about the future of Ordinals and that it is not just a crypto craze.

“We expect this technology and the ecosystem around it to evolve and become more sophisticated over time, however, we do not expect it to develop in the same way as other blockchain NFT ecosystems.”

Bitcoin creation and smart contract platforms like Stacks (STX) have been surging over the past month on the back of the Ordinal hype.

NFT Ecosystem Outlook

The NFT sale has not kept pace with the recovery of the crypto asset market. They are still a long way from the same time last year when there were more than 60,000 sales per day, according to market tracker Nonfungible.com.

Currently the daily sales figure is only 7,400. In dollar terms, daily volume has decreased by about 66% from the same time last year, apart from a few spikes as new collections are launched.

Cryptoslam reports that the most popular collection of NFTs over the past week remains BAYC, with $26 million in secondary sales.